Dalradian Resources Discovers New Gold Target in Northern Ireland With Float Samples Returning 30.30 g/t of Gold and 29.20 g/t of Gold
TORONTO, ONTARIO -- (Marketwire) -- 01/22/13 -- Dalradian Resources Inc. ("Dalradian" or the "Company") (TSX: DNA)(OTCQX: DRLDF) has received results from its ongoing exploration program in Northern Ireland. The new discovery area known as Fallagh, is approximately 3.5 km to the south west of the Curraghinalt gold deposit. Recent prospecting samples from the area have returned high-grade gold numbers including 30.30 g/t of gold and 29.20 g/t of gold.
"We continue to prove that additional gold potential exists on our Northern Ireland properties outside of the current resource," CEO, Patrick F. N. Anderson commented. "Follow up crews will tighten the soil geochem grid on this target and immediately prioritize for drilling."
Prospecting crews uncovered a cluster of angular float samples of gold bearing vuggy, quartz-carbonate-pyritic vein material. Eighteen samples were collected and 50% of these assayed greater than 3 g/t gold. The highest-grade sample is located in a small creek approximately 800 m down slope from the main cluster of samples. The cluster of gold bearing float samples at Fallagh is between two interpreted east-west lineaments evident in the regional aeromagnetic signature. Glacial dispersion in the area is thought to be minimal, as evidenced by the gold in soil anomaly over Curraghinalt, therefore the bedrock source of the float samples at Fallagh is expected to be nearby.
Selected Prospecting Assay Results
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Sample Sample Au Sample Description
Type (g/t)
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B0641 Float 30.30 Vuggy quartz-carbonate pebble, 5 cm long, with strong
iron staining. Pyrite noted.
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B0633 Float 29.20 Vuggy quartz-carbonate cobble, 20 cm long, with iron
staining.
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B0625 Float 17.25 Brecciated, vuggy quartz-carbonate cobble, 15 cm
long, with strong iron staining.
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B0627 Float 11.65 Vuggy quartz-carbonate pebble, 5 cm long, with iron
staining. Pyrite noted.
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B0636 Float 9.97 Vuggy quartz-carbonate cobble, 15 cm long, with iron
staining.
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B0622 Float 5.96 Vuggy quartz-carbonate cobble, 15 cm long, with iron
staining. Pyrite noted.
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B0626 Float 4.70 Vuggy quartz-carbonate cobble, 20 cm long, with iron
staining. Pyrite noted.
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B0634 Float 3.93 Vuggy quartz-carbonate cobble, 10 cm long, with iron
staining. Pyrite noted.
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B0621 Float 3.80 Vuggy quartz-carbonate cobble, 10 cm long, with iron
staining. Pyrite noted.
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Note:
Values range from less than 0.01 g/t of gold to 30.30 g/t of gold for the complete dataset of 18 samples.
Dalradian has initiated a soil geochemical survey to follow-up on these results. Surface geochemistry was instrumental in Dalradian's 2012 discovery at Alwories and is expected to be the primary means of identifying drill targets at Fallagh.
Drilling continues both at the Curraghinalt gold deposit and the Alwories gold discovery announced late last year. Results from these ongoing programs are expected shortly. The Company has entered into discussions with drilling companies to obtain additional drill rigs for operations in Northern Ireland.
Qualified Person
Michele L. Cote, MSc., P. Geo., VP Exploration, Dalradian Resources, is the Qualified Person who supervised the preparation of the technical data in this news release.
Rock samples were submitted to ALS Laboratories in the Republic of Ireland. Rock samples were analyzed by a 50 gram gold fire assay with an atomic absorption finish.
ALS Laboratories is accredited by the Irish National Accreditation Board (INAB) to undertake testing, including for Ores and Minerals (INAB P9 703), as detailed in the Schedule bearing the Registration Number 173T, in compliance with the International Standard ISO/IEC 17025:2005 2nd Edition "General Requirements for the Competence of Testing and Calibration Laboratories".
About Dalradian Resources Inc.:
Dalradian Resources Inc. is a TSX-listed, Canadian based exploration company engaged in the acquisition, exploration and development of precious and base metals projects. With a European focus, our most advanced property is in Northern Ireland and around the high-grade mesothermal gold deposit, Curraghinalt.
The Company's wholly owned subsidiary, Dalradian Gold Limited, holds a 100% interest, subject to certain royalties, in mineral prospecting licences and mining lease option agreements in counties Tyrone and Londonderry, Northern Ireland. The Department of Enterprise, Trade and Investment ("DETI") and the Crown Estate Commissioners ("CEC") have together granted to Dalradian base and precious metal mineral exploration rights to four contiguous areas collectively known as the Tyrone Project.
Dalradian's flagship deposit, Curraghinalt hosts an NI 43-101 compliant measured mineral resource of 0.02 MT grading 21.51 g/t gold for 10,000 contained ounces, indicated mineral resource of 1.11 MT grading 12.84 g/t gold for 460,000 contained ounces and inferred mineral resource of 5.45 MT grading 12.74 g/t for 2,230,000 contained ounces. Dalradian's Preliminary Economic Assessment reported positive results for a proposed underground mine at Curraghinalt including an after-tax IRR of 41.9% and NPV of $467 million based on an 8% discount rate.
Dalradian's NI 43-101 report, "A Preliminary Economic Assessment of the Curraghinalt Gold Deposit, Tyrone Project, Northern Ireland" is dated September 6, 2012, and was prepared by Mr. B. Terrence Hennessey, P.GEO., Mr. Barnard Foo, P.ENG., Mr. Bogdan Damjanovic, P.ENG., Mr. Andre Villeneuve, P.ENG., and Mr. Christopher Jacobs, CEng MIMMM of Micon International Limited, and is available on SEDAR at www.sedar.com.
In Norway, Dalradian holds mineral rights for approximately 1.3 million hectares over three greenstone belts, as well as an area hosting an historic silver mining district. Dalradian is engaged in data acquisition and analysis over all its concessions, with the 2013 field program commencing shortly.
Dalradian's Common Shares are listed on the Toronto Stock Exchange under the symbol "DNA". For further information, please see www.dalradian.com.
FORWARD-LOOKING INFORMATION
This news release contains "forward-looking information" which may include, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including, without limitation, test work and confirming results from work performed to date, estimation of mineral resources and the realization of the expected economics of the Curraghinalt Gold Deposit. Often, but not always, forward-looking statements can be identified by the use of words and phrases such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates," or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may," "could," "would," "might" or "will" be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and are based on various assumptions.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; actual results of reclamation activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; political instability; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those factors discussed in the section entitled "Risk Factors" in the Company's annual information form.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
To view figure 1, please visit the following link: http://media3.marketwire.com/docs/DNAfigure1.pdf.
Contacts:
Dalradian Resources Inc.
Shae-Lynn Mathers
Director, Investor Relations
+1.416.583.5622
investor@dalradian.com
www.dalradian.com